Business & Finance

CBN Bows To BDCs, Increases Dollar Supply by 100%

cbn governor

In what seems like a bow to marker operators, the Central Bank of Nigeria (CBN) has increased weekly dollar sale to bureaux de change (BDCs) operators by 100 per cent to $40,000 per week per BDC effective from next week.
The apex bank also disclosed that demand for dollars by banks fell by 65 per cent during its last foreign exchange auction.

Confirming the increased dollar sale to BDCs, President, Association of Bureaux De Change Operators of Nigeria (ABCON) said: “The CBN has increased dollar supply to each BDC.

“From next week, the CBN will sell $20,000 to each BDC twice every week”, he told Vanguard.

Confirming the decline in dollar demand by banks, Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor said that the banks were only able to pick $45 million out of the $100 million offered by the CBN on wholesale spot.

He said the major injections made by the Bank in the course of the week were aimed at providing access to all stakeholders with legitimate need for forex.

“The CBN remains upbeat that the forex market will remain liquid and that Nigerians who genuinely require the forex will get ample access to the currency,” Okorafor noted.

It will be recalled that the CBN made special interventions in the Bureau de Change Segment of the forex market and capped up an eventful period with the opening of a new window for Small and Medium Enterprises (SMEs).

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